## Nowcasting (NWC)

## Source details

**Canonical URL:** [Nowcasting (NWC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/st/2022/nwcst22-31)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/st/2022/nwcst22-31/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/st/2022/nwcst22-31/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/st/2022/nwcst22-31/bundle-manifest.json)

## Bibliographic details
- Session: ST 22.31
- Location: Singapore, Singapore
- Dates: December 1-9, 2022 (1 week)
- Delivery method: In-person Training
- Primary language: English
- Status: Deadline passed

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### Course description and content
- Nowcasting is defined as the practice of using recently published data to update key economic indicators that are published with a significant lag, such as real GDP.
- The course aims to familiarize participants with cutting-edge nowcasting tools that facilitate the use [of] mixed-frequency data in regression models.
- Motivations: Importance of nowcasting for more timely and appropriate policy formulation during crisis periods such as the GFC or COVID-19.
- Methods and estimators covered:
  - BRIDGE estimators
  - MIDAS estimators
  - U-MIDAS estimators
  - Each estimator both with and without dynamic factors
  - State-space/Kalman filter approach to formulating and estimating a nowcasting model with mixed-frequency data
- Additional topics:
  - Procedures for combining nowcasts from distinct models
  - Statistical procedures for evaluating the accuracy of a sequence of nowcasts
- Practical component:
  - Hands-on workshops and assignments using country-specific data with the EViews econometric package
  - Workshops and assignments are an integral component designed to illuminate the actual steps required to generate a nowcast

### Course objectives
Upon completion of this course, participants should be able to:
- Identify appropriate high-frequency indicators useful for the nowcasting macroeconomic variables and prepare them for use in a nowcasting exercise.
- Formulate and estimate a nowcasting regression using several approaches.
- Generate a nowcast from the base regression and consolidate competing forecasts using combination forecasts.
- Evaluate the accuracy of the nowcast using several forecasting performance indicators.
- Apply the nowcasting tools to their country data and interpret the nowcast appropriately in policy making settings.

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## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Financial Sector Policies (FSP)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2026/fspjv26-31)
- [Strategic and Practical Considerations in Money laundering Investigations and Prosecutions (PCMLI)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/pcmlice26-26)
- [Financial Market Infrastructures: Principles and Practices (FMI-PP)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fmi-ppce26-27)
- [Macroeconomics of Climate (MC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/st/2026/mccst26-26)
- [Fiscal Sustainability (FS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fsce26-38)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/st/2022/nwcst22-31_